Flywire is an easy to use option for international wire transfers / payments
Use Cases and Deployment Scope
At the educational institution in which I work, students (in particular, international students) use our wiring payment option (Flywire) to make payment for the tuition of their classes. So far the use of this payment option has been smooth; however, there seems to be a delay in the data that gets reported to us (a few days, maybe) after a wire transfer has been made. So, if a student has an upcoming payment deadline to pay for classes, that student sometimes is notified by our school that he/she still hasn't paid in a timely manner and may get dropped from their classes due to non-payment, but the student may insist that payment was in fact made. Also, if an amount is paid for that is larger than the outstanding balance, the overpaid amount gets wired back to the source from which it came; however, sometimes the student has that done intentionally in order to have some monetary credit in their account balance with our school.
Pros
- It accepts a wire transfer from virtually all nations outside the U.S.
- The customer service support is helpful.
- Once payment information in our system is updated, it allows for payment for classes from overseas to run smoothly.
Cons
- Delay time could be shortened between the actual time of payment and the confirmation of payment.
- It could allow for the payer to pay more than the outstanding balance without rejecting additional amounts of money.
- Refund information by way of Flywire is a little vague.
Most Important Features
- International payment options
- Customer support
- Confirmation of payment for both the organization and for the student / payer
Return on Investment
- Cannot think of any negative impact
- A good number of students are using Flywire to pay for their classes, so it is growing in popularity
- It reduces the amount of foot traffic at the cashier / payment office when it comes to issues involving payment of classes.
Alternatives Considered
Business Wire
Other Software Used
Microsoft Teams, Microsoft Office 2016 (discontinued), Google Drive